Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Anaren (UNKNOWN:ANEN.DL) rallied more than 11% Monday after the company accepted an acquisition bid from privately held Veritas Capital.

So what: Specifically, Anaren signed a definitive merger agreement, under which it has agreed to be acquired by Veritas Capital in an all-cash transaction worth roughly $381 million, or $28 per share. For those of you keeping track, that's a premium for Anaren shareholders of approximately 12.4% over Friday's closing price of $24.91 per share.

Now what: This isn't the first time Anaren has entertained an offer. Remember, back in April with the stock trading under $20 per share, Vintage Capital approached Anaren with an unsolicited $23 per share acquisition proposal. However, Anaren subsequently dubbed Vintage Capital's offer "inadequate," saying it didn't reflect the intrinsic value of the company.

As it stands, and with shares currently up nearly 43% so far in 2013, Anaren's patience has obviously been rewarded with Veritas Capital's superior terms. With the stock trading at a premium of around 24 times last year's earnings, I think it's time for investors to finally take their profits and put them to work elsewhere.